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OpenTV committee spurns Kudelski’s buyout bid

Wed, 06/03/2009 - 9:25am
Mike Robuck

Yesterday, a special committee of OpenTV’s board of directors announced that it had rejected the unsolicited proposal by Kudelski SA to acquire all of the outstanding shares of OpenTV’s Class A stock.

In February, Kudelski offered OpenTV $1.35 per share for stock that wasn’t already owned by Kudelski or its affiliates (story here). OpenTV said the offer was inadequate and not in the best interests of the company and its stockholders. The special committee reached its “conclusion after careful consideration, including a thorough review of OpenTV’s business and prospects, and other factors, with its independent financial advisor, UBS Securities LLC.”

In January 2007, Kudelski Group closed a deal to acquire a controlling interest in OpenTV (story here).

Kudelski Group provides digital security and convergent media offerings for the delivery of digital and interactive content.

Nagravision, a Kudelski Group company, is a supplier of open conditional access systems (CASs), digital rights management (DRM) and integrated on-demand solutions for content providers and digital TV operators over broadcast, broadband and mobile platforms.

OpenTV's primary focus is set-top middleware and applications, including advanced advertising offerings.

More Broadband Direct 06/03/09:
•  Evolution Broadband scores STB waiver from FCC
•  Dish ordered to pay TiVo $103M plus interest
•  McDowell re-appointed to FCC; transition rules tweaked
•  VOD specialist Imake appears shuttered
•  Verimatrix, HFCNet team up on Cablemás' hybrid network
•  OpenTV committee spurns Kudelski's buyout bid
•  Sigma Designs signs on CE partners for whole-home networking
•  Tessera signs Motorola royalty terms, ups outlook
•  Much riding on success - or failure - of Palm Pre
•  MobiTV: 7M and counting
•  Broadband Briefs for 06/03/09

 

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